Count the Costs… Beat the Odds
What is failure? When it comes to people who have accumulated assets for retirement (wealth), one part of the definition of failure would include “the involuntary loss of control of assets.”
Once you’ve worked your whole life to achieve financial independence you have the option to make it last for generations; and yet, the odds are stacked against you in passing on wealth to future generations, ultimately resulting in “failure” in this sense of passing on wealth – money and beyond the money.
Joe Robbie was the owner of the Miami Dolphins and the stadium they played in that held his name, The Joe Robbie Stadium. After his death, the family was forced to sell assets, including the team and stadium, to pay the tax, which was due within nine months of his passing. The cost was $47 million.
Beyond the money was the bigger cost that was unintentionally passed down with the tax bill… His son was reported in the news saying, “My dad’s planning was so bad that it couldn’t lead to anything other than causing friction between my sister and me.”
Dade County Circuit Court Judge Ronald Friedman added, “As much as Mr. Robbie produced for his children, I’m sure he’s turning over in his grave.” A black eye to a well respected man’s reputation and his family.
This tragic and all too common story for people worth one hundred million to even one million is the three types of costs of failure in planning: First, there are taxes and fees upon death, that few people are aware, creating losses on their money; second (and more disturbing) the lack of integrated planning that leads to the breakdown of family and tarnished reputation; and lastly (and most disappointing), the cost of missing out on lifetime opportunities of being able to use wealth to live out and achieve dreams.
Know the costs – in lifetime and at death – related to ALL your assets and hire a specialist who has a proven process for creating an integrated plan that removes the costs so you can enjoy a lifetime and legacy of fulfilled dreams for you and your family.
Wealth is more than money. Don’t just plan for your future, live it right now.
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